Saturday, August 14, 2010

The Life Insurance of Soldiers and Veterans Saga

With two wars of choice and long occupations of, this was out and out greed by these insurance companies. They knew soldiers would get killed so they set it up for pure profit to themselves. Nothing to loose, it wasn't their monies in the first police they were the care takers, unless a family demanded the full payment after the death of their soldier, where they couldn't touch their higher cut of interest, but they knew there would be more, Pure War Profiteering!!

Prudential under pressure to explain payments to military families

August 13, 2010 - After initial outrage over how Prudential handles life insurance policies of deceased soldiers and veterans, the insurance company is working hard to change the perception it has misled military families.

The company came under fire after a Bloomberg Markets magazine report said cash payments from insurance policies for dead soldiers were being held in interest-bearing accounts, with the bulk of the interest benefiting the insurers. Bloomberg also reported the cash was not placed in banks insured by the Federal Deposit Insurance Corporation.

Prudential has been meeting with "anyone we can meet with so we can set the record straight on what's going on with this account," said Prudential spokesman Bob Defillippo in an e-mail to CNN. "We're making an attempt to get info out there that we think helps clarify the program."

The pressure on the insurance company has not eased, however. The House Oversight Committee said it was investigating how the payouts and accounts are handled and a congressional staff member working on the investigation told CNN the inquiry might broaden beyond Prudential's handling of military policies. Continued

Anything they're saying now is just pure corporate speak to fight to keep the companies solvent as well as their investors happy, for in that world of pure finance that's all that matters!

Halvorson bill sets new rules for military death benefits

Aug. 13, 2010 - U.S. Rep. Debbie Halvorson, D-Crete, wants Congress to set new rules for life insurance companies that profit from benefits owed to the families of deceased service members.

The first-term Illinois Democrat introduced legislation July 30 that would require companies such as Prudential Financial Inc. to tell beneficiaries how money will be invested and how much the insurer stands to make from holding the funds.

Her legislation follows the start of a probe by the Department of Veterans Affairs into what has become a common industry practice. Officials at the Pentagon and the White House have said they'll support that investigation.


"Hearing about this, I was just outraged," Halvorson said in a telephone interview. "It's corporate greed." Continued

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